Most Clicked The Financial Services Roundtable SmartBrief Stories
1. 5 key habits of successful CEOs
The Financial Services Roundtable SmartBrief | Nov 18, 2009
To succeed in business, you've got to learn from those who have already made it to the top of the heap, writes Steve Tobak. The best CEOs have laserlike focus, a knack for surrounding themselves with successful people and a broad perspective of the whole company, Mr. Tobak notes. BNET (11/12)
2. GMAC's de Molina resigns; Carpenter steps in
The Financial Services Roundtable SmartBrief | Nov 17, 2009
GMAC Financial Services CEO Alvaro de Molina resigned Monday, sources familiar with the situation said. Michael A. Carpenter, a member of GMAC's board, is expected to step in for him. Mr. Carpenter had been head of the global corporate and investment banking division at Citigroup. He joined GMAC's board in May. Wall Street Journal, The (11/17)
3. House committee tweaks plan for "too big to fail" firms, delays debate
The Financial Services Roundtable SmartBrief | Nov 18, 2009
The House Financial Services Committee, led by Rep. Barney Frank, rejected a Republican measure for dealing with financial firms deemed "too big to fail." Instead, the panel amended a Democratic bill. Financial-services industry representatives expressed concern at one proposal that would levy new fees on banks and thrifts with assets in excess of $75 billion. "An artificial line will simultaneously be both over- and under-inclusive," said Scott Talbott, senior vice president of government affairs for the Financial Services Roundtable. "The test should be the riskiness of the activities any particular company chooses to participate in." Mr. Frank said the legislation was now expected to be debated by the full House in mid-December. Hill, The (11/17) Reuters (11/17)
4. Lawmakers postpone vote on systemic regulator, approve audits of Fed
The Financial Services Roundtable SmartBrief | Nov 20, 2009
The House Financial Services Committee approved a measure that would expand the Government Accountability Office's audits of the Federal Reserve to cover interest-rate decisions and information on loans made to individual banks. However, the House panel postponed a vote on a sweeping systemic-risk bill on concerns raised by the Congressional Black Caucus. Meanwhile, Treasury Secretary Timothy Geithner said that all financial firms needed to be regulated and that the largest of them needed a strong, single regulator. Wall Street Journal, The (11/20) Reuters (11/19) Reuters (11/19)
5. BNY Mellon's Kelly: Reform can't happen in a vacuum
The Financial Services Roundtable SmartBrief | Nov 19, 2009
Robert P. Kelly, chairman and chief executive officer of BNY Mellon, said preventing a future financial crisis would require "thoughtful" regulation as well as more coordination between international regulatory agencies. "It's critical that U.S. reforms not be created in a vacuum. The financial crisis has highlighted how highly interconnected the global financial marketplace has become," he said. StreetInsider.com (11/18) CNNMoney.com (11/18)
6. Dodd's bill spurs massive industry opposition
The Financial Services Roundtable SmartBrief | Nov 17, 2009
Sen. Christopher Dodd's bill to reform financial services has provoked considerable opposition in the industry. The Financial Services Roundtable will "multiply, not divide its efforts," attacking several provisions in the bill at once, explained Scott Talbott, senior vice president for government affairs at the Financial Services Roundtable. "We have a number of concerns with the Dodd bill and we will focus on all of them, from the Consumer Financial Protection Agency to the 10% risk-retention requirement, to shifting the deposit base," Mr. Talbott said. Financial-Planning.com (11/16)
7. Paulson predicts BofA stock will nearly double by 2012
The Financial Services Roundtable SmartBrief | Nov 18, 2009
Billionaire John Paulson's Paulson & Co. hedge fund sent a letter to clients that Bank of America Corp.'s stock will almost double in the next two years. "Banks will have passed the current write-down cycle and have visibility for growth in 2012," the letter said. Bloomberg (11/18)
8. Unemployment pushes credit card delinquencies higher
The Financial Services Roundtable SmartBrief | Nov 17, 2009
A decline in credit card defaults was greater than expected in October, but companies reported a higher rate of delinquencies. The bigger delinquency rate, attributed to rising unemployment, suggested that credit card companies would continue to face problems moving forward. Reuters (11/16)
9. Morgan Stanley's Mack "loves" tighter Fed scrutiny
The Financial Services Roundtable SmartBrief | Nov 19, 2009
Tighter Federal Reserve regulation has been welcomed at Morgan Stanley, said Chief Executive Officer John Mack. "They test our models. They question everything we do. I've never been regulated like that before," Mr. Mack said. "It's a different environment. Someone said to me, 'What do you think of it?' I love it." The regulation is a result of Morgan Stanley's move to become a bank holding company. Bloomberg (11/19)
10. Fed examines whether banks have enough capital to cover risks
The Financial Services Roundtable SmartBrief | Nov 20, 2009
As asset prices worldwide soar, the Federal Reserve is looking into whether major banks have the capital to withstand a significant reversal, sources said. Fed officials are looking into the capital cushions of JPMorgan Chase, Morgan Stanley and other banks to ensure they are able to cover risks they take. Supervisors are also assessing how much the banks know about the financial strength of their counterparties. Bloomberg (11/20)
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